Homeowner's Association - HOA
- Homeowner's Association - HOA
An organization in a subdivision, planned community or condominium that makes and enforces rules for the properties in its jurisdiction. HOAs also collect monthly or annual dues to pay for upkeep of common areas like parks, tennis courts, elevators and swimming pools and can levy special assessments on homeowners when the association lacks sufficient reserves to pay for unexpected repairs.
Some homeowners associations are very picky about what their members can do with their properties, such as whether Christmas lights can be hung or what kind of window coverings may be used. Others are more relaxed and just want to generally keep property values up by doing things like mowing the grass in common areas and preventing homeowners from painting their homes unusual colors.
Homeowners associations can also have significant legal power over the property owners in their jurisdiction. They can place a lien on a property if a homeowner falls behind on his dues, for example.
Investment dictionary.
Academic.
2012.
Look at other dictionaries:
Homeowner association — Picture of a condo building undergoing periodic maintenance in Japan. For a discussion of nonprofit, voluntary neighborhood advocacy groups, see neighborhood association. A homeowner association is a corporation formed by a real estate developer… … Wikipedia
Homeowners' association — A homeowners association (abbrev. HOA) may be:* A legal entity created by a real estate developer for the purpose of developing, managing and selling a community of homes. It is given the authority to enforce the covenants, conditions, and… … Wikipedia
Homeowners Association Fee - HOA Fee — An amount of money that must be paid monthly by owners of certain types of residential property to an organization that assists with maintaining and improving that property and others in the same group. HOA fees are almost always levied on… … Investment dictionary
Condominium — This article is about the form of housing. For the international law describing a territory in which two sovereign powers have equal rights, see Condominium (international law) … Wikipedia
Covenant (law) — Property law Part of … Wikipedia
Closing cost — Real property in most jurisdictions is conveyed from the seller to the buyer through a real estate contract. The point in time at which the contract is actually executed and the title to the property is conveyed to the buyer is known as the… … Wikipedia
Closing costs — Real property in most jurisdictions is conveyed from the seller to the buyer through a real estate contract. The point in time at which the contract is actually executed and the title to the property is conveyed to the buyer is known as the… … Wikipedia
Condo hotel — Trump International Hotel and Tower A condo hotel, also known as a hotel condo or a Condotel, is a building used as both a condominium and a hotel. Condo hotels are typically high rise buildings developed and operated as luxury hotels, usually in … Wikipedia
Condo-hotel — A condo hotel, also known as a hotel condo or a Condotel, is a building used as both a condominium and a hotel.Condo hotels are typically high rise buildings developed and operated as luxury hotels, usually in major cities and resorts in the US… … Wikipedia
Reserves for Common-Interest Developments — Common Interest Developments (abrev. CID) is the fastest growing form of housing in the world today. [cite web| title=Living in a California Common Interest Development| publisher=State of California Department of Real Estate|… … Wikipedia
